Financial planning tips

Saving a little can mean a lot (Infographic)

You’ve worked out how much you need to save for your retirement. Now how do you find the money? Why not try saving for it one coffee at a time?

If you start early and keep at it, saving a little at a time can add up to a substantial amount for your retirement. How? Redirect the money you’re spending on small luxuries such as fancy coffee and take-out lunches to your savings plan, and watch your nest egg grow.

Adding your coffee and lunch money to Canada Pension Plan/Quebec Pension Plan savings of, say, $300 a week and you’re looking at a cool $1.3 million in 30 years (based on an average annual return of 5%).